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USD/CAD trading negatively at 1.0342/48

FXstreet.com (Barcelona) - The USD/CAD failed to suffer from any drastic moves following the BoC interest rate decision yesterday, however this has not stopped the pair from gradually waning Thursday.

At the time of writing, the USD/CAD has now moved to the depths of 1.0342/48, rebounding slightly off recent lows at 1.0328, and incurring a slight loss of -0.07% below its opening.

Given the recent weakness afflicting the pair, Mataf.net analysts point to the next level of supportive correction for the USD/CAD at 1.0329, then 1.0297, and finally 1.0251. On the ascension, resistive structures will trigger at 1.0407, onto 1.0453, and finally 1.0485.

According to the ICN.com Technical Analyst Team, “The USD/CAD dropped and is trading below 113% at 1.0380, as stability below it reduces positivity without cancelling it. Trading above 1.0300 thus keeps the possibility of an upside move valid, but we prefer to trade again above 1.0380 levels to give the bullish move a chance.”

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